Consumer Duty is all about ensuring your business is delivering good consumer outcomes, but how do you know you’ll achieve this without knowing whether your current performance measures up against the market?
Here at Consumer Intelligence, we’ve been talking to thousands of home and motor insurance customers across the market to find out how brands perform for outcomes 3 & 4 of the Consumer Duty.
From this, we have created our Consumer Outcomes Benchmarking service, designed to surface areas for improvement and track the impact of remediations over time, through market, segmented and vulnerable customer lenses.
Obtain independent validation.
A key part of the Duty is that firms assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Consumer Duty.
To help you achieve this, we provide an independent and unbiased view of your brand's performance in the context of the market, helping you avoid the trap of marking your own homework and face into the problem areas that exist.
Get access to insights that help you measure:
- Consumer understanding during the quote journey
- Performance in meeting consumer communication preferences
- Customer engagement, perception and understanding of policy information
- Timeliness, relevancy of communications
- Purchasing experience
- Support experience
- Ease of purchase vs cancellation
- Ease of opting out of auto-renewal
Understand your performance in the context of the market
Identify and prioritise areas that require remediation
Track performance and the impact of remediations over time
Access support in interpreting data from our experts
Frequently asked questions.
The sample is made up of 3,000 insurance customers (1,500 home and 1,500 motor).
The survey not only enables insurance brands to benchmark their performance, but also price comparison websites.
We have included questions within the survey that enable the big 4 PCWs measure where they sit against their competitors for outcomes 3 & 4.
We recruit using various sources such as direct marketing, social media, and panellist referrals, in order to acquire a diverse mix of panellists from across the UK to give their feedback and engage in consumer research and pricing projects.
We know that trusting our data is real and representative of consumers, and reliability is of paramount importance. We are stringent on quality assurance at every stage, from member verification during the sign-up process, to regular panel sweeps for obsolete accounts or unusual activity. We also run automated and manual QC processes on all of our data as it’s collected to check our data comes from real people who are engaged and responding honestly, to produce the best quality insights on which to base confident business decisions.